SEBI Chairman’s New Home Lease In Mumbai Sparks Curiosity, What’s Behind The ₹7 Lakh Monthly Rent? Details Here

Mumbai: The Securities and Exchange Board of India (SEBI) has leased a large 5-bedroom apartment in Mumbai’s upscale Prabhadevi area for its new chairman, Tuhin Kanta Pandey. The lease agreement shows the rent starts at Rs 7 lakh per month. The deal is for three years, with a total rent of Rs 2.65 crore. These details were found in property registration documents reviewed by Zapkey.

Tuhin Kanta Pandey took charge as SEBI Chairman on March 1, 2025, succeeding Madhabi Puri Buch. The apartment is located in the luxurious Rustomjee Crown Tower and comes with four parking spots. The SEBI office is about 30 minutes away by road.

Lease Details and Terms

The rent starts at Rs 7 lakh per month for the first year. It increases to Rs 7.35 lakh in the second year and Rs 7.71 lakh in the third year. The lease has a mandatory 12-month lock-in period, and SEBI paid a security deposit of Rs 42 lakh. The registration of the lease was completed on September 3, 2025, with a stamp duty of Rs 69,500 and a registration fee of Rs 1,000.

The apartment is leased from an individual named Vijay Shrishrimal, who was not available for comment.

SEBI Explains the Lease Policy

SEBI issued a statement explaining that the lease is part of a board-approved policy for housing its Chairman and other senior officials. The rent amount varies depending on the official's rank. The size and rent of this apartment fall within the approved limits. SEBI also stated that the rent was decided based on a valuation report from a leading property valuer.